If Canada imposes a tariff on bananas and if none are grown in Canada, this tariff has
A) only revenue effects.
B) only protective effects.
C) both protective and revenue effects.
D) neither protective nor revenue effects.
A
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The marginal product of labor is the increase in total product from a
A) one unit increase in the quantity of labor, while holding the quantity of other inputs constant. B) one unit increase in the quantity of labor, while also increasing the quantity of other inputs by one unit. C) one dollar increase in the wage rate, while holding the price of other inputs constant. D) one percent increase in the wage rate, while also increasing the price of other inputs by one percent.
The opportunity cost of money is
A) zero. B) the inflation rate. C) the real interest rate. D) the nominal interest rate.
Which of the following actions can prevent migration of individuals from one health insurance policy to another?
a. Lowering the opportunity costs of switching from one policy to another. b. Fixing a uniform premium rate for all individuals under one type of policy. c. Conducting an interview of the people before placing them under different policies. d. Setting up a norm requiring all individuals to purchase the same coverage.
Other things constant, which of the following is likely to change the quantity supplied of wheat?
a. An expectation of a future increase in wheat prices b. A fall in the price of wheat c. A decrease in the price of the fertilizer used in wheat production d. An increase in the price of soybeans e. A government subsidy for farmers who do not grow wheat